August 23, 2011
The FICO Bankcard Growth Solution is meant to help lenders improve decisions based on deeper analytic insight and accelerated learning across all stages of bankcard acquisitions and originations.
The product links a lender’s prospecting and offer-generation decisions, providing information on responses and new-account performance metrics that help the issuer quickly adjust strategies. The underlying technology is an Analytic Learning Hub, which enables banks to accelerate the feedback cycle and use that information to offer the right card products to the right consumers at the right times, the company said.
Using the product, a bank’s acquisition and originations teams can determine earlier in the process if a campaign is attracting the intended customers. With this knowledge, they can adjust strategies, change offers and incentives, do simulation tests, and update messaging while a campaign is still underway. In addition, they can use built-in FICO analytics to pinpoint each consumer’s risk, weigh the impact of potential economic shifts into that risk measure, and assess a consumer’s capacity to safely handle additional debt.
One top-10 U.S. lender is using the FICO solution as a key component of its strategy to grow market share and increase products per customer. As a first step, the lender launched the solution to empower its branch personnel with pre-approved card offers for qualified customers as they interact with the bank. Subsequent usage included full outbound marketing campaigns that leverage analytics to match the best product promotion to each customer, in order to safely and profitably grow the card portfolio.